South Korean crypto exchange GDAC has lost 23% of its current total custodial assets after suffering a $15 million hack. The funds stolen include approximately 60 bitcoins (BTC), 350 ether (ETH), 220,000 USDT, and 10 million wemix tokens (WEMIX).
GDAC stated that the attack occurred in its hot wallet at around 7 a.m. on Sunday, April 09, 2023. Following the exploit, the hackers transferred the stolen assets to an unidentified wallet. The root cause of the incident or how it happened is unclear.
GDAC Suspends Deposits and Withdrawals
Following the hack, GDAC said it had responded and taken several steps to protect the remaining customers’ assets on the platform. This includes suspending its wallet system (deposit and withdrawal system) and related servers.
The exchange added that it has also reported the incident to local authorities, including the Korea Internet & Security Agency (KISA), and requested a cyber investigation and technical support (business trip). GDAC has also notified South Korea’s Financial Intelligence Unit (FIU) and is working with multiple organizations to recover stolen assets.
“Currently, we are doing our best by collaborating with various organizations. We ask for your understanding that it is difficult to confirm the resumption point of deposit and withdrawal as the investigation is currently underway,” the exchange said.
Operating since 2018, GDAC is a centralized cryptocurrency exchange registered in South Korea. The platform supports trading in a wide range of cryptocurrencies including bitcoin (BTC), ether (ETH), Ripple (XRP), and more.
Crypto Hacks on the Rise
Meanwhile, crypto hacks have been on the rise over the past few years as hackers find new ways to exploit cryptocurrency projects. According to a report by blockchain analytics platform Chainalysis, over $3.8 billion was stolen from cryptocurrency businesses throughout 2022, making it the biggest year for crypto hacks.
It appears the hacks have been on an increasing level, with multiple incidents already reported this year. Just recently, Coinfomania reported that BNB Chain-based decentralized exchange Safemoon was exploited, resulting in hackers stealing around $9 million worth of tokens from its liquidity pool.
